Legal Question in Real Estate Law in New York
sale of home
My mother deeded her home to me in 1990. She maintained full use of home, paid taxes, utilities, etc. She has moved to Senior's residence. House has been sold. Is there a split in profit from sale of home? If so, who says what the percentages are (50-50? 60% to Mom, 40% to me, etc.) I was told Mom's portion would be tax-free. Is this correct?
2 Answers from Attorneys
Re: sale of home
You need to consult with your closing attorney and retain a certified accountant for proper filing of both your returns; and in order for the accountant to calculate whatever allocation, between the two of you, may be appropriate, based upon your specific circumstances.
Good luck,
Re: sale of home
It sounds as if your mother retained a life estate to the property during her lifetime.
I would need to review a copy of the deed to determine ownership and the specific language of the life estate.
But if the house was already sold, who received the sale proceeds?
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